The National Hurricane Center (NHC) upgraded Olaf to a Category 2 storm in its latest bulletin, adding it was forecast to become a major hurricane by today.
At 0300 GMT, the storm was located some 1,485 miles (2,390 kilometers) east-southeast of Hilo, Hawaii, packing maximum sustained winds of 100 miles per hour, the Miami-based NHC said.
No coastal watches or warnings are currently in effect.
Olaf is moving west at about 12 miles per hour, and is expected to turn to the west-northwest today.